SOCAR Specifies Construction Cost of Turkey’s Petlim Port

The cost of Petlim container port’s construction project in Turkey is nearly $282 million, a representative of Azerbaijan’s state oil company SOCAR told Trend.

A 70-percent share in this project is owned by Turkey’s Petkim petrochemical complex, a 57.5 percent-share of which is owned by Azerbaijan’s SOCAR.

Petkim’s leadership said in 2015 that the cost of the port’s construction is $400 million.

“According to the latest data, the project’s cost is nearly $282 million,” said SOCAR representative adding that $212 million have been attracted thanks to the loan of Turkey’s Akbank, and $70 million were allocated by the project’s shareholders.

The representative said the first phase of the project’s implementation was completed in April and it was handed over to the management of the Netherlands’ APM Terminals. The second phase’s completion is expected in autumn 2016.

“Within the operator agreement, APM Terminals will pay $65 million to Petlim until the completion of the port’s construction,” said SOCAR representative adding that at the end of a 28-year term of the agreement, the total income will be divided between the operator and Petlim.

Shareholders of the Petlim port are: Petkim – 70 percent and Goldman Sachs – 30 percent. In 2013, a contract was signed with APM Terminals for the port’s management for 28 years. Petlim port’s capacity is 1.5 million TEUs (twenty-foot equivalent units).